Timo Löyttyniemi, managing director of Finland’s state pension fund, Valtion Eläkerahasto (VER), is making his way through Ian Bremmer’s The End of the Free Market, a book about the rise of China and other “state capitalist” nations. His own view is optimistic, but cautious: he is not convinced they can keep growing forever.

Löyttyniemi said: "As we all know, the money-flows to these markets have been huge, especially emerging-market debt. So far the momentum looks set to continue, but I would assume that it will build to a more substantial bubble at some point in time."